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Cyber News

As an insurance broker my clients expect me to appraise what is valuable and important to their business, assess the potential threats, the consequences of an incident and then advise on ways to reduce the risks and recommend relevant insurance to mitigate any potential losses. When it comes to Cyber Risk - and despite the constant warning from government, experts and the media - getting business owners to act responsibly is tough.

The Prudential Regulation Authority (PRA) is proposing and a new supervisory statement (SS) setting out its expectations for the prudent management of cyber underwriting risk in a new consultation paper.

A major new British Standard [BS 31111] is in development to help senior executives and risk managers improve their cyber risk management and build the cyber resilience of their organizations.

Over the past year, the BSI Risk Management Committee has been working on developing new guidance that aims to help top executives better understand and manage the technology risks to their organizations.

This Webcast looks at how the cyber insurance market has developed over the past 10 years. Sarah Hewitt and Matt Hogg discuss how cyber cover can vary, what makes a good policy and what the future may hold.

On 16th July the Government announced a new Innovation Voucher scheme. This complements an existing scheme and enables SMEs to apply for funding towards the cost of cyber security advice and certification, including Cyber Essentials. The current round for applications closes at midday on 20 October.

This article looks at the issues that need bearing in mind when underwriting and we hope it will provide some insight into how cyber insurance risks are underwritten and what good underwriters look for when analysing submissions.

The scheme was developed by BIS and CESG to help businesses put in place practical measures that have been proven to help protect against cyber risk following an extensive period of industry consultation.